The legislation of the Republic of Kazakhstan stipulates that all declared claims of creditors to the debtor must be formed in a single register. However, it is not uncommon for creditors, due to their ignorance, to miss the deadlines for sending their claim, or do not know to whom to send their claim.
WHAT IS A REGISTER OF CREDITORS' CLAIMS?
The definition of the register of creditors' claims is enshrined in subparagraph 20 of Article 1 of the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy . The list of creditors' claims is understood as a list of creditors' claims against the debtor, indicating their amount, grounds and date of occurrence, formed in the rehabilitation or bankruptcy procedures.
Thus, the register of creditors' claims is a consolidated document that reflects all information and data on the debtor's debts to all creditors.
WHO FORMS THE REGISTER OF CREDITORS' CLAIMS?
In accordance with paragraph 1 of Article 90 of the Law "On Rehabilitation and Bankruptcy", the interim manager, within 2 working days from the date of the court ruling on his appointment, sends to the authorized body an announcement of initiation of bankruptcy proceedings and the procedure for filing claims by creditors in the Kazakh and Russian languages for placement on the Internet resource of the authorized body.
According to paragraph 1 of Article 91 of the Law "On Rehabilitation and Bankruptcy", the interim manager is obliged, no later than 3 working days from the date of the court decision on declaring the debtor bankrupt, to send the register of creditors' claims to the authorized body for posting on the Internet resource of the authorized body.
In accordance with subparagraph 31 of Article 1 of the Law "On Rehabilitation and Bankruptcy", an interim manager means a person appointed by the court to collect information about the financial condition of the debtor, as well as to conduct bankruptcy proceedings before the appointment of a bankruptcy manager.
Thus, the register of creditors' claims is formed by an interim manager, who is appointed by the ruling of the court considering the bankruptcy case.
WHAT IS THE PURPOSE OF A REGISTER OF CREDITORS' CLAIMS?
The main purpose of the formation of the register of creditors' claims, formulated in the Law "On Rehabilitation and Bankruptcy", as well as the Decree of the Government of the Republic of Kazakhstan "On Approval of the Forms, Rules and Terms for the Formation of the Register of Creditors' Claims , is: to satisfy the requirements of creditors and ensure their interests.
WHEN CAN CREDITORS' CLAIMS BE INCLUDED IN THE REGISTER?
According to paragraph 21 of the Government Decree "On Approval of the Forms, Rules and Terms for Forming a Register of Creditors' Claims", creditors' claims against the debtor must be submitted in writing in any form no later than one month from the date of publication of a notice on the procedure for filing claims by creditors with the obligatory indication of information about the amount of the claim (separately on the amount of the principal debt, remuneration (interest), forfeit and other penalties, losses) and sent to the address indicated in the announcement.
Thus, from the moment the announcement is published on the Internet resource of the authorized body (Department for Rehabilitation and Bankruptcy of the Department of State Revenues of the relevant region), the creditor has a month to send his claim to the interim trustee.
Copies of documents confirming the basis and amount of the claim (court decisions that have entered into legal force, copies of contracts, recognition of the debt by the debtor) must be attached to the creditor's claim, with simultaneous submission of the original documents for verification.
HOW LONG DOES IT TAKE TO PROCESS CREDITOR CLAIMS?
In accordance with paragraph 5 of Article 90 of the Law "On Rehabilitation and Bankruptcy", creditors' claims filed within the prescribed period must be considered by the interim manager within 10 working days from the date of their receipt.
According to paragraph 1 of Article 91 of the Law "On Rehabilitation and Bankruptcy" on the results of consideration of creditors' claims (on recognition or non-recognition of the claim in full or in part, indicating the reasons for non-recognition), the interim manager is obliged to notify each creditor in writing on the day following the day the debtor is declared bankrupt . According to the claims of creditors, declared after the debtor was declared bankrupt, the interim manager is obliged to notify such a creditor in writing on the day following the day the decision was made.
Thus, the stated claim of the creditor must be considered by the interim manager within 10 working days from the date of receipt of such a claim.
WHAT CLAIMS ARE INCLUDED IN THE REGISTER OF CREDITORS' CLAIMS?
Paragraph 7 of Article 90 of the Law "On Rehabilitation and Bankruptcy" stipulates that creditors have the right to present claims against the debtor, including: the amount of debt and remuneration (interest) due to this amount, losses caused by non-fulfillment or improper fulfillment of obligations by the debtor, penalties (fines, penalties) and other penalties.
According to paragraph 8 of Article 90 of the Law "On Rehabilitation and Bankruptcy", the amount of remuneration (interest) is determined at the time the court decides to declare the debtor bankrupt. The amount of losses, penalties (fines, penalties) and other penalties is determined at the time of the decision to declare the debtor bankrupt and liquidate it.
Also, paragraph 3 of Article 90 of the Law "On Rehabilitation and Bankruptcy" establishes that creditors' claims expressed in foreign currency are accounted for in tenge at the rate established by the National Bank of the Republic of Kazakhstan at the time the court decides to declare the debtor bankrupt and liquidate it with the initiation of proceedings bankruptcy.
WHAT CLAIMS ARE NOT INCLUDED IN THE REGISTER OF CREDITORS' CLAIMS?
The Law "On Rehabilitation and Bankruptcy" establishes restrictions on claims included in the register of creditors' claims. According to paragraph 6 of Article 90 of the Law "On Rehabilitation and Bankruptcy", the following requirements are not included in the register of creditors' claims:
- Claims of creditors, determined by the legislation of the Republic of Kazakhstan on project financing and securitization, secured by allocated assets, and claims of mortgage bond holders, secured by the pledge of the following property: rights of claim under mortgage housing loan agreements (including pledge of mortgage certificates), as well as government securities of the Republic of Kazakhstan in cases when the right of ownership to the said bonds arose from their holders or passed to them under transactions or other grounds provided for by the legislative acts of the Republic of Kazakhstan.
- Claims of creditors on infrastructure bonds secured by a government guarantee.
- Claims of the founders (participants) of the debtor.
Also, the register of creditors' claims may not include creditors' expenses related to their participation in bankruptcy proceedings. Such expenses are non-refundable.
In accordance with paragraph 23 of the Government Decree "On Approval of Forms, Rules and Terms for Forming a Register of Creditors' Claims", it is not allowed to form a register on the basis of a breakdown of accounts payable to the debtor's balance sheet.
Thus, the interim manager has every reason to refuse to include the above claims of the creditor in the register, since this is directly enshrined in law.
WHAT HAPPENS TO CLAIMS SUBMITTED AFTER THE EXPIRATION OF THE TIME LIMIT FOR THEIR SUBMISSION?
According to paragraph 4 of Article 90 of the Law "On Rehabilitation and Bankruptcy", a creditor's claim filed later than a month is included in the register of creditors' claims, but such a creditor is deprived of the right to vote in the meeting of creditors until the creditors' claims filed within a month are fully satisfied.
In this case, the inclusion of such a creditor in the register is carried out on the general basis for the form and content of the claim and documents confirming the debt.
Thus, a creditor who has submitted his claim after the expiration of a month is not deprived of the opportunity to be included in the register of creditors' claims, however, he is deprived of the right to vote at meetings of the creditors' committee until settlement is made with these creditors.